Everyone in the crypto world has Wednesday circled on their calendar: It's the day the SEC is expected to finally approve spot Bitcoin ETFs, a vehicle that will let U.S. investors for the first time trade the popular cryptocurrency in the form of shares on a major exchange.
Steven McClurg is the cofounder and chief investment officer of Valkyrie, a crypto native asset manager that is one of a dozen-odd prospective issuers vying to sell Bitcoin ETF shares after the SEC gives the green light. Unlike other players from traditional finance vying for an early market advantage, including BlackRock and Fidelity, Valkyrie hopes its digital asset bona fides will give it an edge for investors. The firm already has two crypto ETFs: One that invests in public Bitcoin mining companies and another that invests in Bitcoin and Ether futures contracts. And in a nod to the prodigious world of crypto memes, Valkyrie chose BRRR as the ticker name for its spot Bitcoin ETF—a reference to the sound of the Federal Reserve "money printer."
